Bybit X Block Scholes Crypto Derivatives Analytics Report (May 28, 2025): Derivatives paint a bullish picture despite uncertainty surfacing after May 28

Key Highlights:

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

After BTC’s price reached a new all-time high on May 22, 2025, it entered a notably low-volatility period. Realized volatility across cryptocurrencies has decreased, resulting in lower short-term implied volatility. ETH now shows a flat term structure, while BTC’s has steepened as the 7-day tenor dropped below 40%. Options and futures markets have remained bullish, with positive futures yields and a preference for out-of-the-money calls. However, a decline in BTC’s spot price on May 28, 2025 has created uncertainty around funding rates.

Please check out the report’s highlights.